Misr insurance gets Arab African Bank initial approval to contribute by 49% in takaful company

Egypt’s Misr Life Insurance  has initially agreed with Arab African International Bank (AAIB) so that the latter would contribute with 49 percent in the new takaful insurance company capital.

Misr Insurance Holding’s Chairman Mohamed Youssef said that the company has obtained an  agreement in principle from the bank adding that the final agreement is still under evaluation and  study.

He added that establishing the new takaful insurance company aims to follow through the company’s strategy to create an integrated insurance entity, referring to  the prominent role the insurance sector is playing in securing  the national economy.